I just got advice on here of getting a co-signer for an apartment. What exactly is a co-signer? Is it allowed? What do they have to do?
2007-05-24 08:58:27 · 9 answers · asked by Austrian Theorist 4 in Business & Finance ➔ Renting & Real Estate
They promise to pay your rent if you do not.
2007-05-24 09:00:48 · answer #1 · answered by PJ 5 · 0⤊ 0⤋
This would be the WORST mistake you could make, even if you could co-sign (which you can't b/c you have to be 18 to sign a contract), a co-signer is a co-renter and you are JUST as responsible for the rent as she is. If she is making minimum wage, she'll be scraping the bottom of the barrell to pay $625...that is EXTREMELY high rent for a minimum wage worker. If she could afford the apartment, she wouldn't need a co-signer. She can't afford the apartment, and you need to be staying at home with SINGLE friends without children...that girl has baggage in her life that she is trying to pawn off on you and you need no part of that sweetie.
2016-04-01 06:18:57 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Co signer is some one with good credit who agrees to take on the financial responsibility of the debit if the person contracting defaults. Almost always has to be a relative. Allowed is up to the person who wants to rent.
2007-05-24 09:01:53 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
A co-signer is someone with better credit than you have, who will sign your lease guaranteeing payment. If you default, the co-signer is responsible for making payments. (Same goes for a co-signer on a car loan.)
2007-05-24 09:08:03 · answer #4 · answered by Enchanted 7 · 0⤊ 0⤋
If you want to rent a property and do not have good credit or the rent rate is high compared to your income, the lessor may want a co-signer. That is someone who will guarantee payment of the lease if you fail to do so. Someone would have to trust you a lot to co-sign a lease, like your mother or father or siblings.
2007-05-24 09:03:20 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋
Should you happen to default on payment, then your co-signer is held responsible. Also, your payment history is directly connected to theirs. For example, you don't miss payments, but often pay late, then their credit is adversely affected. So - If you are allowed to have a co-signer, they need to be financially prepared to pick up after you, or you'd better be on your best behavior!
2007-05-24 09:06:14 · answer #6 · answered by kaylora 4 · 0⤊ 0⤋
When you sign that contract, everything that you signed is an agreement with the leasing company (apartments). The co-signer has to follow the exact same contract as you. If either of you break the terms of agreement, the breaker will face charges in court.
2007-05-24 09:02:23 · answer #7 · answered by thesatsui 3 · 0⤊ 0⤋
hopefully, they won't have to do anything. if you pay your rent on time they'll never be bothered, but if you're late or skip town, your cosigner will have to pay. when they sign as cosigner they agree to be your landlord's backup plan for your rent. if your credit is not so good, a landlord may require a cosigner with good credit to reduce risk.
2007-05-24 09:12:26 · answer #8 · answered by Dale B 3 · 0⤊ 0⤋
They become financially responsible if you don't pay.
2007-05-24 09:02:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋